Governor Cooper and Corning Incorporated Strike Agreement to Bring 428 New Jobs to North Carolina

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TARBORO, N.C.: Corning Incorporated (NYSE:GLW) will create 428 jobs over three years in North Carolina, Governor Roy Cooper announced today, as the company locates a warehouse facility in Edgecombe County and plans an expansion of manufacturing operations in Durham.

Corning, a world leading innovator in materials science, will invest a total of $275 million between the two sites, with $86 million slated for Edgecombe County and approximately $189 million proposed for the Durham location. The company will create 111 new jobs in Edgecombe County and proposes 317 new jobs in Durham County. The jobs will provide future support for the company’s new pharmaceutical glass packaging product, Valor™ Glass, and potential growth from other Corning businesses in North Carolina and elsewhere.

“Corning knows first-hand that our state’s talented workforce and ideal location provide clear advantages for a growing company,” said Governor Cooper. “This decision to bring new jobs to both Eastern North Carolina and the Triangle demonstrates confidence in workers in both the rural and urban parts of our state to produce and distribute this groundbreaking new product.”

Corning has brought innovative health products to the pharmaceutical market for more than 100 years, leveraging its core technologies in glass science and optical physics and its expertise in surfaces, biochemistry and biology. Corning Valor Glass packaging, introduced in July of this year, offers superior chemical durability, strength and damage resistance. These qualities enable increased throughput and more reliable access to state-of-the-art medicines for patients, while maintaining a high level of quality assurance for pharmaceutical companies. This expansion is expected to provide a high-volume manufacturing site for the Valor Glass product.

“We are excited to expand our operations in North Carolina. In Edgecombe County, we plan to build a state-of-the-art warehouse facility that will serve our Corning businesses,” said Eric S. Musser, Executive Vice President, Corning Technologies and International. “We also plan to expand an existing Corning facility because the talented local workforce possesses a high level of commitment and professionalism. We would like to thank Governor Cooper and Secretary Copeland and all local leaders for their partnership and investment to support businesses in the state. They are building a bright future for the region.”

The North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) led the state’s support for the company’s expansion.

“Successful economic development strategies for the state’s rural areas must involve creative approaches like we’re seeing with today’s decision from Corning,” said North Carolina Commerce Secretary Anthony M. Copeland. “By including Edgecombe County in the project’s scope, the company confirms the state-wide strength North Carolina offers the life science industry.”

Corning will add a variety of job functions at each location. Although salaries will vary by position and location, the average wage at the proposed facility in Durham County will be $65,999 and $33,771 in Edgecombe County, in-line with average wages in each location.

Corning’s projects in Durham and Edgecombe counties will be facilitated, in part, by two Job Development Investment Grants (JDIGs) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year terms of each grant, the project will add an estimated $1.157 billion to North Carolina’s economy. Using a formula that takes into account the new tax revenues generated by the new jobs, the JDIG agreement for the Durham County location authorizes the potential reimbursement to the company of up to $3,215,250, spread over 12 years. This grant is contingent upon Durham County offering local incentives, as local participation is a requirement with JDIG awards in Tier 3 counties. The JDIG associated with the Edgecombe County location authorizes the potential reimbursement to the company of up to $1,236,000.

State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

The JDIG agreement in Durham County also calls for moving as much as $1.07 million into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business.

Partnering with N.C. Commerce and the EDPNC on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Biotechnology Center, Duke Energy, Dominion Energy, Durham County, the Edgecombe County Board of Commissioners, Durham Technical Community College, Edgecombe Community College, the Greater Durham Chamber of Commerce and the Carolinas Gateway Partnership.